Starbucks has announced a sudden replacement of its Indian-origin CEO,Laxman Narasimhan, with Brian Niccol, the current chief executive at Chipotle. Mr Narasimhan, who was appointed last year, will step down as CEO and as a member of the Starbucks board, effective immediately.
The leadership change comes as Starbucks struggles to turn around its business, facing broad-based sales declines and a disappointing April earnings report. The company has cited weakening consumer sentiment and tough market conditions in China as contributing factors to its troubles.
Here are some facts about the former Starbucks CEO:
- Laxman Narasimhan was born on May 15, 1967, in Pune. He pursued his early education in his hometown, earning a degree in Mechanical Engineering from the University of Pune. He later pursued advanced studies in international relations and finance, earning a Master of Arts in German and International Studies from the Lauder Institute at the University of Pennsylvania and an MBA in Finance from the Wharton School of the University of Pennsylvania.
- Mr Narasimhan spent 19 years at McKinsey & Company, where he played a pivotal role in advising companies across various industries, including consumer goods, retail and healthcare, particularly in the US, India, and Asia.
- After McKinsey, Mr Narasimhan joined PepsiCo, where he held several high-profile positions. He served as the Global Chief Commercial Officer, overseeing commercial strategies worldwide. He also led the company's operations in Latin America, Europe and Sub-Saharan Africa, as well as served as the CEO of PepsiCo Latin America and CFO of PepsiCo Americas Foods.
- In 2019, Narasimhan took on the role of CEO at Reckitt, a global consumer health, hygiene, and nutrition company. During his tenure, he focused on growing the company's e-commerce business and launched key initiatives to support the workforce, particularly during the COVID-19 pandemic.
- Laxman Narasimhan joined Starbucks in October 2022, officially taking over the role of CEO in March 2023. He was also a part of their Board of Directors. Known for his emphasis on work-life balance, Mr Narasimhan made headlines for never working past 6 pm.
